Oil drives overall earnings higher

BarbaraC. Costanza

LOS ANGELES (CBS.MW) -- Strong oil company earnings fueled by soaring crude prices will drive second quarter earnings for the S&P 500 index about 22 percent higher this quarter than a year ago, according to Chuck Hill, research director at research firm First Call.

According to Hill, about 80 percent of the companies listed on the S&P500 have already reported.

In 1999’s second quarter, the index’s earnings grew 16.9 percent on a year-to-year basis.

Hill attributed the jump to huge year-over-year gains from the major oil companies, whose profits soared as crude prices rose almost threefold in the last 12 months.

Shares of Triton Energy moved higher Tuesday after the exploration and production company blew past Wall Street second-quarter profit estimates.

In addition, oil and gas drilling and production components and systems manufacturer National-Oilwell (NOI) reported second-quarter earnings that outpaced the consensus estimate on Wall Street.

Procter & Gamble reports

Consumer products giant Procter & Gamble (PG) reported fiscal fourth-quarter profit that was little changed from the year-ago period, amid a major restructuring at the U.S.'s No. 1 maker of household products. Earnings totaled $777 million, or 55 cents a share, compared with $799 million, or 55 cents in the same period a year ago. Analysts polled by First Call expected the Dow Jones component to report fourth-quarter earnings of 55 cents a share. Sales rose 2 percent to $9.66 billion.

Barnesandnoble.com hit hard

Barnesandnoble.com (BNBN) shares fell 16 percent after the company reported a wider-than-expected loss for its second quarter. See full story.

The week of the pharmaceutical reports

Shares of Onyx Pharmaceuticals (ONXX) got a boost of 35 percent Tuesday after the company reported a positive earnings surprise. The company also said it began Phase III trails with its lead therapeutic virus.

Triangle Pharmaceuticals reported a loss of $26.8 million, or 70 cents a share, while analysts expected a loss of 77 cents a share. In the year-ago period, the company lost $32.4 million, or $1.08 a share. Revenue rose to $1.8 million, compared to no revenue for the year-ago period.

Watson Pharmaceuticals reported second-quarter earnings of $44.1 million, or 45 cents a share, in line with the consensus estimate on Wall Street. Revenue rose 11 percent to $189.9 million, compared with $170 million. The company cited the rise to its relaunched nicotine polacrilex gum.

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